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iBAHN Appoints Ted Helvey CEO to Implement Restructuring

06.Sep 2013

iBAHN Appoints Ted Helvey CEO to Implement Restructuring

U.S. Company Files Voluntary Chapter 11 Petition; International Operations Unaffected

September 6, 2013—Salt Lake City, UT — iBAHN Corporation ("Company"), the global leader in IP-based entertainment and information services for the hospitality and meeting industries, today announced that it, and certain of its U.S. subsidiaries, have filed voluntary petitions to restructure under Chapter 11 in the United States Bankruptcy Court ("Court") for the District of Delaware. None of the Company’s international operations are included and should not be affected by the filing. In addition, the Company announced that, Ted Helvey has been appointed Chief Executive Officer. During these proceedings, the Company will continue to operate in the ordinary course of business without interruption.

"Today marks a new chapter in iBAHN history. We are seizing the opportunity to streamline and consolidate our U.S. operations to increase cash flow, reduce our debt, and invest in programs and technologies that will benefit the Company and its domestic and international customers," said Ted Helvey, Chief Executive Officer, iBAHN. "Over the last few years, the Company has been challenged by industry saturation, the need to comply with certification protocols, and costly and frivolous litigation. These experiences however, are making us stronger and better able to compete. We are very grateful to the ongoing support of our customers, which include some of the largest and most prestigious brands in the world. Importantly, they can be assured that we will continue to provide the service and support on which they have come to rely."

"We have been with iBAHN since its founding in 1998 and intend to remain a loyal customer during these proceedings. This reorganization provides a strong foundation upon which to build," said Bruce Hoffmeister, Global Chief Information Officer, Marriott International. "As iBAHN’s largest customer, we are keenly aware of the obstacles the Company has been working to overcome and we believe that this course of action provides the best opportunity for success."

As part of the restructuring, iBAHN will be consolidating some U.S. operations such as the merging of its Denver office with its Salt Lake City headquarters and the concentration of various management functions including the elimination of the President of The Americas function. iBAHN CEO, Ted Helvey will assume those responsibilities as part of this process.

iBAHN’s extensive international operations will not be affected by the U.S. filing. "Our international operations continue to grow rapidly, and we appreciate our strong relationships with our global partners," added Mr. Helvey.

In order to fund the restructuring and accelerate the pace of new installations, the Company has obtained a commitment for additional financing from its principal lender. "We appreciate the support of our lenders and their belief in our business," added Mr. Helvey. "Through the restructuring and consolidation, we believe we will quickly return to positive cash flow and meet the increasing demand from hotels to install iBAHN’s systems."

As is customary in cases such as this, the Company has filed various "first day" motions seeking authority from the Court that will enable it to continue its business operations without interruption. The requests include authority to pay salaries and provide benefits to employees, pay ongoing obligations to vendors and suppliers, continue customer programs (including new installations), and to approve the new financing.

About iBAHN:

iBAHN creates exceptional information and entertainment experiences for people on the move.

iBAHN is a partner with business owners in the hospitality, conference, food service and retail industries. iBAHN complements business strategy with managed services enabling connectivity, entertainment and information over a dedicated enterprise grade IP platform.

The iBAHN managed network operates in more than 50 countries across six continents delivering connectivity, information and entertainment to tablets, laptops, mobile phones and flat screens. Three million times a month, business owners, people on the move and more than half of the Fortune 500 companies rely on iBAHN solutions.

 

 

Media Contact:

Jennifer E. Mercer

Epiq Strategic Communications

310-712-6215

jmercer@epiqsystems.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Richard Ford

iBAHN

+44 7879 880 550

rford@ibahn.com

 

Jennifer E. Mercer

Epiq Strategic Communications

310-712-6215

jmercer@epiqsystems.com